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Dec 10, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes to these programs. we will not block grant medicaid, and we wi
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are...
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Dec 3, 2012
12/12
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his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >> it was on the table. did the president agree to it? it may have been close to an agreement to it. if he agreed to it we might not have some problem today. >> is that on the table now. of course, it's on the table. >> no, is it on the table from their point of view. >> well, there are a lot of items on the table. the president knows what they are. the question is what are they willing to do. >> you are starting it have some political problems because you are starting to have some split necessary your ranks. i don't have to tell you one of the top
his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >>...
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Dec 4, 2012
12/12
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we need to show the world we can get our economy under control, reduce the deficit, and begin to show leadership in various areas of new technology that demonstrated here to the rest of the world. kohl will always be there. -- coal is always going to be there. there's lots of work there. all the sales will help, i think, of leverage our capability and give us more options. >> let me bring you in. 92% of american transportation is run on petroleum. with this new landscape for energy production of, how are we doing on diversifying different kinds of things that are running our transportation? >> so far, it is going slow. something that was deeply focused on was something note senator alexander said earlier. we need to find more and use less. i think you're asking about the use less part. the extension of the changing fuel efficiency standards was one thing, but we believe fervently in the need to diversify away from using petroleum for transportation and given that it represents 70% of our use of petroleum to begin with. with the change in technology and the access to so much homegrown
we need to show the world we can get our economy under control, reduce the deficit, and begin to show leadership in various areas of new technology that demonstrated here to the rest of the world. kohl will always be there. -- coal is always going to be there. there's lots of work there. all the sales will help, i think, of leverage our capability and give us more options. >> let me bring you in. 92% of american transportation is run on petroleum. with this new landscape for energy...
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Dec 3, 2012
12/12
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based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt talks in august of 2011? >> it was on the table. did the president agree to it... he may have been close to an agreement to it. if he agreed to it, we might not have this problem today. >> chris: is that on the table now. >> of course it is. >> chris: no, from their point of view? >> listen, there are a lot of items on the table. the president knows what they are. the question is, what are they willing to do. >> chris: you are starting to have political problems, because you are starting to have splits in your ranks, i don't have to tell you you one of the top congressional republ
based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt...
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Dec 7, 2012
12/12
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the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done in the past, or do you think these are unique set of challenges that are so serious that we might not be
the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business...
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Dec 8, 2012
12/12
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everyone agrees we need to bring down our deficit and strengthen our economy for the long-term. the question is whether we can do it in a responsible way that allows us to keep investing in the things that have always made america strong. i'm convinced we can. and if both sides are willing to compromise, i believe we can give businesses and families a sense of security going into the new year. thanks, and have a great weekend. >> hello, i'm marco rubio. i have the honor of representing florida in the united states senate, and the privilege of addressing you today on behalf of my fellow republicans. our middle class has made america different from the rest of the world. every country has rich people. but only a few places have achieved a vibrant and stable middle class. and none has been more vibrant and more stable than ours. but now a growing opportunity gap has developed between the dreams of millions of americans and the opportunities for them to actually realize them. americans are struggling to find or keep middle class jobs for two reasons -- because our economy is not cre
everyone agrees we need to bring down our deficit and strengthen our economy for the long-term. the question is whether we can do it in a responsible way that allows us to keep investing in the things that have always made america strong. i'm convinced we can. and if both sides are willing to compromise, i believe we can give businesses and families a sense of security going into the new year. thanks, and have a great weekend. >> hello, i'm marco rubio. i have the honor of representing...
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years ago, two and a half years ago, you are aproasmed to chaiapproached tochair a commits to set up a deficit reduction plan for the country. you study it. you're very diligent. everybody hates it within 24 hours. the democrats say it's too austere. the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two years? >> well, the people woke up. i think young people are waking up. you can't do this. you can't tax your way out of this hole. you can't grow your way out of this hole. we had every economist say you could have double-digit growth for 20 years and can't get out of the hole. you can't cut spending out of your hole. we got five democrats, five republicans, ranging from dick durbin to illinois-- great progressive democrat-- and coburn from oklahoma, and five dems, five republicans, one independent, that's a super majority. and for god's sake the reason we were so successful is that we effectively piss
years ago, two and a half years ago, you are aproasmed to chaiapproached tochair a commits to set up a deficit reduction plan for the country. you study it. you're very diligent. everybody hates it within 24 hours. the democrats say it's too austere. the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two...
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Dec 6, 2012
12/12
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there is a bottom-line amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan. >> obama added that if republican officials acknowledged this reality, the actual numbers proposed by each party are not that far apart. republicans have made a counteroffer. they want to raise revenue by reviewing the current tax deduke system. house speaker john boehner has urged the president to compromise. >> our members believe strongly that raising tax rates will hurt the economy. now we need a response from the white house. >> unless the two sides reach an agreement by the end of this year, the automatic tax increases and spending cuts will take effect in the new year. >>> time to get a check on the markets now. the nikkei here in tokyo rose above the key 9,500 level as concerns about the u.s. economy eased. the nikkei index right now trading at 9521, a gain of over .5% from wednesday's close. traders said positive remarks about a fiscal cliff deal by president obama are aiding share prices. i guess port-related issues are leading the gains as the weakening tren
there is a bottom-line amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan. >> obama added that if republican officials acknowledged this reality, the actual numbers proposed by each party are not that far apart. republicans have made a counteroffer. they want to raise revenue by reviewing the current tax deduke system. house speaker john boehner has urged the president to compromise. >> our members believe strongly that raising tax...
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Dec 6, 2012
12/12
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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Dec 2, 2012
12/12
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however, bearing in mind there are deficits that have to be covered. and there are spending that has to be reached. and in that environment, there is no other alternative but for higher taxes. do you think europeans like paying 40%, 50% taxes? but the alternative is not nearly so pleasant. i've just been to iceland, high taxes, high rate of living. and an economy that is actually recovering better than anywhere else from the financial crisis. so ali velshi, do taxes have to rise? yes, in the united states. >> i think we're agreed on this. richard, always my pleasure to see from you across the pond. richard quest. let's talk about where the taxes sometimes go. infrastructure, superstorm sandy caused overwhelming devastation and exposed dangerous flaws in u.s. infrastructure. coming up next, i'll tell you how investing in infrastructure will not only help get the power back on faster after the next storm but could be the key to jobs and the boom we've all been waiting for. you are watching "your money" on cnn. ♪ ♪ [ male announcer ] everyone deserves
however, bearing in mind there are deficits that have to be covered. and there are spending that has to be reached. and in that environment, there is no other alternative but for higher taxes. do you think europeans like paying 40%, 50% taxes? but the alternative is not nearly so pleasant. i've just been to iceland, high taxes, high rate of living. and an economy that is actually recovering better than anywhere else from the financial crisis. so ali velshi, do taxes have to rise? yes, in the...
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Dec 3, 2012
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. >> that is erskine bowles, who along with alan simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the last second where they agreed. while they are bluffing, we could go over the cliff. >> where are we headed, mark? >> one side says that raising tax rates is an example, the other side says we will not balance the budget on the backs of students and seniors without asking those who make as much as i do not to pay another diamond. we are in the chest thumping a stage of this negotiation. we are interested in the product rather than the process. the process does the fact of the product and you don't want hostilities to make the final product unreachable. >> nina, there were a bunch of c.l.'s in town saying please do something so we can p
. >> that is erskine bowles, who along with alan simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the...
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Dec 7, 2012
12/12
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the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out
the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for...
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Dec 2, 2012
12/12
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how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, alongside that we're prepared to do some very detailed things on the spending side, and we're -- >> there's no guarantee, right? didn't that say that? at least according to the read-out we got, your plan, so you can feel free to correct me because you haven't given me a read-out of it. >> guaranteed up front measurable savings scored by sea enacted into law. the only guarantee is when congress enacts policies. >> you would be willing to go for specific things and guarantee that there would be a specific amount of cuts? >> of course, of course. >> but that's next year? >> no, that's not tr
how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, alongside...
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Dec 7, 2012
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the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will introduce our two witnesses. dr. zandi is the chief economist at moody's analytics. he looks at macro racquets and public policy. he is the influential source of policymakers and businesses and journalists. recently he published a report assessing the challenges of approaching the fiscal cliff and the most effective way to achieve long-term, fiscal stability. he received his phd from the university of pennsylvania. that will be a recurring theme in these introductions. [laughter] dr. zandi, thank you for being here. dr. hassett is the direc
the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will...
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Dec 3, 2012
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the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and social security. they are facing big deficit situations. host: what motivates the creation of deductions? what about the other incentives? mortgage deduction it to encourage people to buy a home. guest: some of the deductions have been around forever, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to d
the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and...
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now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help the fund. but it is loans that were done during the really bad years in this country before the housing crisis that are continuing to have the shadow effect on the fha portfolio and that what's driving this loss expectation just recently released and secretary donovan talked about today. melissa: there is evidence they continue to make bad bets going forward. this is part of this program to help people buy houses and help people who have low fico scores and who have had problems in their past. maybe their way of doing business, and you're someone who sat at the helm for a long time, maybe their wa
now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help...
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Dec 5, 2012
12/12
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so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending
so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we...
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Dec 8, 2012
12/12
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president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington's got a spending problem, not a revenue problem. >> tom: congress and the president have 24 days to reach a deal, before the fiscal cliff's tax hikes and spending cuts take effect. >> susie: mark zandi says "bad things will happen to the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of february when we start approaching the ceiling for the debt limit, i think we'll be back in recession. it will be a fairly severe recession. so policy makers have a few weeks but not much more than that. they have to get this together. >
president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington's got a spending problem, not a revenue problem. >> tom: congress and the president have 24 days to reach a deal, before the fiscal cliff's tax hikes and spending cuts take effect. >> susie: mark zandi says "bad things will happen to the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief...
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Dec 4, 2012
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the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial spending cuts, substantial tax increases at a time when the dme is still very weak. of course that's a recipe for sliding back into recession. we set ourselves up with the land mine and the road in front of our economy which is not based on anything real, it's just based on our politicalness. >> ifill: speaking of political mess, both sides have what they say are opening gambits on the table. president obama at least his last week which calls for $1.6 trillion in revenues. the republicans came back with their own yesterday. as you look
the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial...
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Dec 6, 2012
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it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president. and then as i was talking about before, it is how you do it that matters a lot. he should stop pursuing tax rate increases, as i said, and revisit the comments that he made a year ago. here's what the president said. quote -- "what we said was to give us, to give us -- it's a nice way of saying we're going to make you pay more in taxes. us i gather here is the united states government. quote -- "what we said was to give us $1.2 trillion in additional revenues, which would be accomplished without hiking taxes, tax rates, but could simply be accomplished by eliminating loopholes,
it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president....
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Dec 5, 2012
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of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted president mitt romney. they spent through the roof to get president mitt romney and they lost. they did not get a president romney. they still have a president obama. but now they're at the president obama white house almost every week meeting with president obama. and i unde t a i underst what ab the f all this face time with president. does t i we're tol elizabe mas sea committ them on board with his agenda, particularly for his side of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be b
of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted...
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Dec 4, 2012
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the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group advocating for everyone of these deductions, people are used to getting them. could they end up on the chopping block? >> guest: they are on the table. republicans put them on the table and say we'd rather do this. but rather get rid of tax breaks that raise rates. in the end, you probably will see some of those. this is a process that will go on for the better part of the year. said during the process of negotiating a deal, you'll see some of those. >> host: john mckinnon is a reporter for "the wall street journal." we are talking about tax loopholes and ded
the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group...
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there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now knowing that congress is not going to do something more rational. they're not going to take on more fundamental spending reforms and push off increasing taxes. and let's have a ration conversation about fundamental tax reform in the first six months of next year. nothing congress does in this panic is going to be rational public policy regardless of ideology. >> isn't it fair to say no matter what,
there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last...
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well, we often hear about, of course, $16 trillion national debt, a trillion dollar deficit first, the actual liabilities of the federal government, including social security, medicare, federal employees future retirement benefits exceeding $866trillion. by the way, that is five and a half times the size of our economy. joining us, former congressman bill archer, served as chairman of the powerful ways and means committee. he is a senior policy adviser at price waterhouse coopers, and it is great to see you, mr. chairman, once again. you look terrific. i enjoyed your op-ed along with chris cox. pointing out that essentially what a relief it was to find out of all have to worry about $16 trillion. i have to worry about $86 trillion. >> it is much bigger than what we were looking at. the so-called fiscal cliff is going to be just a slope and ultimately a relatively small indentation because in the long term when we began to look at the liabilities that we have committed to primarily medicare, but also social security and other ffderal retirement, it is massive. and this strange thing abo
well, we often hear about, of course, $16 trillion national debt, a trillion dollar deficit first, the actual liabilities of the federal government, including social security, medicare, federal employees future retirement benefits exceeding $866trillion. by the way, that is five and a half times the size of our economy. joining us, former congressman bill archer, served as chairman of the powerful ways and means committee. he is a senior policy adviser at price waterhouse coopers, and it is...
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Dec 10, 2012
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his tough 2013 budget, targeting a deficit of just 1.8% of gdp, is expected to pass by christmas. the financial reformer postretirement would effectively move italy's next election forward by just -- reformer's retirement would effectively move italy's next election forward by just a month or two. berlusconi announced he would run again for prime minister. in a newspaper interview, the head of the euro bailout fund said that could mean more financial trouble ahead for italy and for the eurozone. italy has pushed through important reforms in the past year, he said. markets have honored this so far. however, they have acted with concern to the recent developments at the end of last week. u.s. ratings agency standard and poor's also expressed doubts about whether italy passed next government would remain committed to the next reforms -- italy's's next government would remain committed to the end -- italy's next government would remain committed to the reforms. >> our correspondents and does this report from the frankfurt stock exchange -- our correspondent sent us this report from th
his tough 2013 budget, targeting a deficit of just 1.8% of gdp, is expected to pass by christmas. the financial reformer postretirement would effectively move italy's next election forward by just -- reformer's retirement would effectively move italy's next election forward by just a month or two. berlusconi announced he would run again for prime minister. in a newspaper interview, the head of the euro bailout fund said that could mean more financial trouble ahead for italy and for the...
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Dec 10, 2012
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tax rates on the highest 2% of income earners, you cannot generate enough revenue to have meaningful deficit reduction. >> reporter: republicans want big spending cuts to programs like medicare and says. >> we don't want to be back here in another year, another ten years answering the same questions. >> reporter: as the talks continue on both sides of pennsylvania avenue, americans from main street to wall street wait to see who will blink first. brian mooar, nbc news, washington. >>> sad news it tell you about out of afghanistan where a u.s. navy s.e.a.l. was killed during the rescue operation of a colorado doctor. the s.e.a.l. team 6 member was killed while working to rescue dr. joseph, who worked for a christian nonprofit group. u.s. officials believed the doctor's life was in danger. >>> president obama said the fallen special forces member whose name has not been released "gave his life for his fellow americans." >>> latin music fans mourning the tragic death of mexican american singer jenni rivera. the 43-year-old grammy nominee and six others died early sunday when their small plane c
tax rates on the highest 2% of income earners, you cannot generate enough revenue to have meaningful deficit reduction. >> reporter: republicans want big spending cuts to programs like medicare and says. >> we don't want to be back here in another year, another ten years answering the same questions. >> reporter: as the talks continue on both sides of pennsylvania avenue, americans from main street to wall street wait to see who will blink first. brian mooar, nbc news,...
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yes, we have a huge deficit problem. you get in public opinion polls, overwhelming majorities say yes. they look at the polls and respond to it. something similar happened on medicare. we have the notion of there's a medicare crisis. there's an entitlement. this is a health care crisis. >> i really need to say about jonathans piece. i am liberal, but that is the worst example i have heard. take people out of a popular -- i hope this is not the white house position. take people out of a popular program that works and they love, put them into obama care that is not so popular and they don't necessarily love. take away something they like and give them something liberals think they should like. >> the right question is, the portuguese have an average income lower than ours with universal health care. it costs two-thirds of their economy compared to our economy. we are having the wrong discussion. here is the program. start by lowering medicare is an option to 55 or 40. stop reacting to what -- >> we'll have to continue the
yes, we have a huge deficit problem. you get in public opinion polls, overwhelming majorities say yes. they look at the polls and respond to it. something similar happened on medicare. we have the notion of there's a medicare crisis. there's an entitlement. this is a health care crisis. >> i really need to say about jonathans piece. i am liberal, but that is the worst example i have heard. take people out of a popular -- i hope this is not the white house position. take people out of a...
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trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is preeminently where a president has to lead and be specific. you can't expect the republicans to lead on an area that he's dominated in politically. >> here's an entitlement idea, a way to help support medicare, let them dictate price -- drug prices. >> steve, this, to me, is a much more interesting debate than tom and dan. because i think the president has done exactly what he's done in the past in this negotiating. he's not grinding it out with speaker boehner. he's out giving speeches, rallying his base. meeting with groups like moveon.org.
trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is...
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i increased the size of the debt and the deficit. i got everything i wanted. the place is a mess. and look, i got re-elected. so, you know, what's so hard about me continuing to do that and blaming it on them because obviously i'm very good at that. and that's basically where he's going here. and the republicans, i think, are not very good poker players. first of all they signaled that they are kind of really reluctant to go over the cliff, and i think if you are in this kind ever a showdown you have to say, you know, bring it. come on. >> you'll do it. they will get blamed for it, though, if that happens. there's no question. the president is already signaling that. that wouldn't be a pleasant outcome for them. would you say they should suggest to the president they would be willing to do that and then maybe he would give 2nd end? >> i think they have to show that he is in negotiations and that he has to give and they are willing to give and if they just say we are so afraid of getting blamed for that, of course he's going to roll right over them. >> kim, where do you think the r
i increased the size of the debt and the deficit. i got everything i wanted. the place is a mess. and look, i got re-elected. so, you know, what's so hard about me continuing to do that and blaming it on them because obviously i'm very good at that. and that's basically where he's going here. and the republicans, i think, are not very good poker players. first of all they signaled that they are kind of really reluctant to go over the cliff, and i think if you are in this kind ever a showdown...
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Dec 4, 2012
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the thing i'm su of is that we g to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens when i put my house on the market. at the end of this year there will be consequences. it's unclear... in the past when these consequences or these deadlines have arisen they've just put them off. that's how we got to where we are today. are you confident, as confident that they will actually come up with a permanent solution before this deadline or that they'll just... >> we can't kick it down the road. that would be disaster. look, this is is the magic moment. we have a second-term democrat president who has put entitlements on the table with special physicianitey. we have a republican speaker
the thing i'm su of is that we g to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens when i...